Alphabet, the parent company of Google and YouTube, has reported a spike of 15.41% in its Revenues during the first quarter ended March 31, 2024, for it clocked in a total of $80,359 million in Q1FY24, juxtaposed with the corresponding period of 2023 wherein the same was $69,787 million.
One of the factors which contributed to this Revenue was Google Advertising, comprising the revenues being generated from YouTube Ads, Google Network and Google Search & Other, which went up 13.04% YoY from Q1FY23’s $54,548 million to $61,659 million in Q1FY24.
During the quarter ended March 31, 2024, of the three elements which added to Google’s Revenue, it was the revenue from Google Search & Other which grew 15.11% from $40,359 million in Q1FY23 to $46,156 million in Q1FY24 and YouTube Ads which soared 20.87% from $6,693 million in Q1FY23 to $8,090 million in Q1FY24.
The third element, i.e- Google Network, went down 1.12% from $7,496 million in the first quarter of the previous fiscal year to $7,413 million in the corresponding period, this year.
Apart from its advertising revenue and cumulative revenue, what also soared high was the tech major’s Operating Income. This time around, it stood at $25,472 million which is 46.27% up from the corresponding period of previous year wherein the same was $17,415 million.
As a result of all of the above, Alphabet’s Net Income also went up by 57.21% YoY from $15,051 million in the first quarter of FY23 to $23,662 million in Q1FY24.
Commenting on the quarterly result, Sundar Pichai, CEO, Alphabet, said, “Our results in the first quarter reflect strong performance from Search, YouTube and Cloud. We are well under way with our Gemini era and there’s great momentum across the company. Our leadership in AI research and infrastructure, and our global product footprint, position us well for the next wave of AI innovation.”
To this, Ruth Porat, President and Chief Investment Officer; CFO, Alphabet, added, “Our strong financial results for the first quarter reflect revenue strength across the company and ongoing efforts to durably reengineer our cost base. We delivered revenues of $80.5 billion, up 15% year-on-year, and operating margin expansion.”
